US Consumer Confidence Plummets In February

WASHINGTON (AP) — U.S. consumer confidence plummeted in February, the biggest monthly decline in more than four years, a business research group said Tuesday. The Conference Board reported that its consumer confidence index sank this month to 98.3 from 105.3 in January. That’s well below economists’ projections for a reading of 103. The seven-point drop was the biggest month-to-month decline since August of 2021. Markets on Wall Street immediately tumbled on the news. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average slid 1.7%. Consumer spending accounts for about two-thirds of U.S. economic activity and is closely watched by economists for signs about how the American consumer is feeling.